Posted by Chase Real Estate Corfu on June 9, 2025

Corfu

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Why Buy Greek Real Estate at Auction?

Greek real estate auctions are attracting more buyers than ever. With properties often listed below market value and a transparent process, auctions offer unique opportunities—especially for those looking to buy homes, holiday villas, or investment properties in places like Corfu and Athens. But buying real estate at auction in Greece can be daunting without the right guidance.

This article breaks down the process, provides practical tips, and answers common questions about buying Greek property through auctions. Whether you’re an investor, first-time buyer, or looking for a holiday home, use these insider tips to navigate the auction scene with confidence.

What is a Greek Real Estate Auction?
Why Buy Property Through Auction in Greece?
Who Can Participate in Greek Property Auctions?
Types of Greek Property Auctions Explained
How to Find Greek Real Estate Auctions
The Greek Auction Buying Process: Step by Step
Legal Considerations When Buying Auction Property in Greece
Insider Tips for Winning at Greek Property Auctions
Common Mistakes to Avoid
Frequently Asked Questions (FAQs)
Useful Resources and Next Steps

1. What is a Greek Real Estate Auction?

A Greek real estate auction is a public sale where properties are offered to the highest bidder. Auctions in Greece are increasingly popular due to a growing supply of foreclosed or bank-owned properties. You can bid on anything from apartments in Athens to luxury villas in Corfu.

Properties are listed with clear starting prices and terms. Auctions are typically conducted online via official government platforms or through court procedures.

2. Why Buy Property Through Auction in Greece?

Key advantages of buying Greek property at auction include:

Lower purchase prices: Properties often start below market value.
Transparent process: All bidders have access to the same information.
Quick transactions: Auctions have set timelines for sale and completion.
Wide selection: Bank-owned and court-ordered properties across the country.

For many buyers, auctions are a way to find unique or discounted properties that may not appear on standard listings. Check out the Chase Real Estate Corfu Guide for more buying options.

3. Who Can Participate in Greek Property Auctions?

Almost anyone can participate:

Greek citizens
EU residents
Non-EU buyers (some restrictions apply, especially for border or island properties)

Before bidding, you’ll need to register with the auction platform, provide proof of funds, and pay a deposit. Some auctions require a Greek tax number (AFM).

4. Types of Greek Property Auctions Explained

Greek property auctions generally fall into two main categories:

Judicial Auctions: Usually for foreclosed or repossessed homes, run through the court system.
Voluntary/Private Auctions: Organized by banks, developers, or owners for quick sales.

Most auctions are now held online through platforms like e-auction.gr, making them accessible to international buyers.

5. How to Find Greek Real Estate Auctions

Finding the right auction property in Greece requires research. Start with:

Official platforms: e-auction.gr, the official government site
Bank and real estate websites: Many banks list auction properties on their own sites
Local agencies: Specialist agents, such as Chase Real Estate Corfu, offer guidance and listings

Use long-tail keywords like “Corfu property auction,” “Greek real estate auction tips,” or “buying property at auction in Greece” when searching online for the latest opportunities.

6. The Greek Auction Buying Process: Step by Step

Step 1: Search and Research

Browse official auction platforms and agent listings.
Review property details, location, legal status, and reserve price.
If possible, visit the property or request a virtual tour.

Step 2: Register for the Auction

Create an account on the auction site.
Submit required documents (passport, proof of funds, Greek tax number).
Pay the deposit (usually 10% of starting price).

Step 3: Review Legal Status

Conduct a title search with a lawyer.
Check for debts, encumbrances, or outstanding utilities.
Ensure the property can legally be transferred.

Tip: Chase Real Estate Corfu offers full support with legal checks and due diligence.

Step 4: Participate in the Auction

Auctions usually run for several hours online.
Submit your bids in real-time.
Highest bidder wins the property.

Step 5: Payment and Transfer

Pay the remaining balance (usually within 30-60 days).
Complete transfer with the notary.
Register the property with the Greek Land Registry.

7. Legal Considerations When Buying Auction Property in Greece

Legal complexities are common in Greek property auctions. Here’s what to keep in mind:

Title Check: Always verify ownership and check for outstanding debts or legal disputes.
Encumbrances: Make sure the property is free of liens, mortgages, or other encumbrances.
Tax Numbers: Foreign buyers must obtain a Greek tax number (AFM).
Legal Representation: It’s wise to hire a local lawyer familiar with auction sales. Learn more about legal guidance.

8. Insider Tips for Winning at Greek Property Auctions

Visit the Property (If Possible): Never bid blindly. Arrange a visit or request a virtual tour to inspect the condition and location.
Set Your Budget: Know your limit before the auction starts and factor in taxes and renovation costs.
Monitor Market Trends: Use online tools and agency insights to estimate a fair value.
Prepare Documentation: Have all paperwork ready ahead of time to avoid last-minute issues.
Act Fast: Auctions move quickly—successful buyers are decisive and well-prepared.

9. Common Mistakes to Avoid

Skipping Due Diligence: Don’t rely solely on auction information. Check legal status and physical condition.
Not Understanding Costs: Additional costs (taxes, notary, agent fees) can add up.
Ignoring Restrictions: Some properties have usage or location restrictions, especially for non-EU buyers.
Missing Deadlines: Auction sales are strict about payment and document deadlines.

10. Frequently Asked Questions (FAQs)

Q: Can foreigners buy property at Greek auctions?
A: Yes, but non-EU buyers may face extra steps. It’s best to consult with an agency like Chase Real Estate Corfu for personalized advice.

Q: Are auction properties cheaper?
A: Usually, auction properties start below market value. However, the final price depends on demand and bidding competition.

Q: What documents do I need to bid?
A: You’ll need a passport or EU ID, proof of funds, Greek tax number (AFM), and a deposit payment.

Q: Can I finance an auction property with a mortgage?
A: Most auction sales require full payment within a short period, making cash buyers more competitive.

Q: Who pays the auction fees?
A: Buyers usually pay notary and registration fees. Check each auction’s terms for details.

Final Thoughts

Buying Greek real estate through auctions is a practical way to secure a home or investment property, often at a better price. While the process can seem complex, proper preparation, local expertise, and professional support are key. For anyone considering a property purchase in Corfu or elsewhere in Greece, working with a trusted agency like Chase Real Estate Corfu can make the difference between a smooth transaction and costly mistakes.